Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply. Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m. Business owners who are contemplating a sale of their...
Tax Diary April/May 2020
1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020). 19 April 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 April...
Tax Diary April/May 2020
1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020). 19 April 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 April...
Self-Employed Income Support Scheme
The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from self-employment. A list of the scheme features as announced, and published, are as follows: Those that qualify will receive a cash grant from HMRC based on...
Support with paying your taxes
Further support to businesses and the self-employed, to delay the payment of various taxes was announced last week. They include: VAT Any VAT that falls due for payment in the period from 20 March 2020 to 30 June 2020 can be deferred until the end of the 2020-21 tax year. This is not a cancellation of any liability that falls due in this...
80 percent of your staff wages paid by government?
As one of the additional measures to support businesses affected by the Coronavirus outbreak, Rishi Sunak announced last week that HMRC is to step in and pay up to 80% of furloughed staff wages up to a monthly maximum of £2,500 per employee. Initially, this sounded as if HMRC was going to underwrite 80% of our salaries bill; let’s be clear,...
COVID-19 BUSINESS SUPPORT UPDATE
On Friday, the Chancellor went significantly further than in the history of this great country, with a series of unprecedented announcements in the Government’s support of businesses, employees and individuals. The range of measures for UK businesses is significant and now includes the following: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick Pay relief package for SMEs a 12-month...
Muras Matters: Budget 2020 – Changes to Entrepreneurs’ Relief
Background Since the election in December it had been anticipated that changes to Entrepreneurs’ Relief were likely in the Budget with many speculating the relief would be removed altogether. Last week the Chancellor of the Exchequer, Rishi Sunak, announced that Entrepreneurs’ Relief lifetime limit would reduce to £1 million from the previous limit of £10 million. The reduction in the lifetime limit...
Government support for small businesses if affected by the COVID-19 outbreak
There were a number of reliefs in the recent budget to support small business owners during the present Coronavirus outbreak. We have listed below some of the issues covered in a recent government news item. Statutory sick pay (SSP) The government will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness...
The Latest Measures to Support Businesses
The Chancellor, Rishi Sunak, outlined a raft of further measures to support the UK’s ailing businesses, those affected by the forbidding COVID-19 outbreak. The list that follows summarises his announcements in the order they were announced: The Treasury are making available £330bn of loan guarantees. These guarantees will underpin government backed bank loans on attractive terms. The loans can be used...